For those enthralled by the narrative that AI will cause a margin-busting corporate revolution as millions of well-paid, middle-management employees are replaced by a cheap "bullshitting" AI algo, then today's latest JOLTS report may come as a bigger shock than the big drop in job openings from one month ago. That's because after unexpectedly dumping by 496K in May (a number which has been revised far worse of course), the BLS just reported that in June the number of job openings was practically unchanged, dropping by just 34K, to 9.582MM from a downward revised 9.616 million. And while the monthly change was modest after the downward revision of course, the total was dragged to the lowest level since April 2021.